Drover and Munich Re’s Digital Partner have partnered to offer ride-sharing drivers and fleet owners bespoke insurance.
Clients will be able to buy, renew and maintain policies online through Drover’s online car marketplace platform.
Felix Leuschner, CEO and co-founder of Drover, said; “This partnership between Drover and Munich Re will deliver game-changing cost savings and a whole new level of service for our customers.
“We couldn’t be more excited to insure drivers and fleets through the first bespoke, digitally native product for our industry.”
The growing sharing economy has been predicted to be one of the major opportunities of growth for re/insurers in coming years, and ride-sharing is one such example, having revolutionised the urban transportation globally, attracting over $9 billion in funding in 2016 and millions of drivers.
The Munich Re/ Drover partnership responds to this widening market, offering a bespoke product to insure the growing numbers of ride-sharing drivers.
Andrew Rear, Chief Executive of Digital Partners, commented; “Munich Re is committed to its continuous involvement in digitizing insurance to benefit clients and insurers around the globe.
“We’re looking forward to continue watching Drover take on the ride-sharing insurance and car markets, which have become significant markets over the last years and are expected to continue to grow fast.”
The product enables Ride-sharing drivers to buy insurance digitally as part of their car payments online, while leasing and rental companies can keep their vehicles insured when idle.
Drover and Munich Re said their clients “achieve significant efficiency gains over incumbent insurance products through digital distribution, on-boarding and claims handling processes and a sophisticated telematics integration, that is expected to drastically reduce expense and claims ratios, and are thus able to pass significant cost savings on to its customers.”
